RCom's committee of creditors to meet on Nov 20
Last week, Reliance Communications Chairman Anil Ambani along with four directors had resigned from the company, that is going through insolvency process.
The company posted a consolidated loss of Rs 30,142 crore for September 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues. This had marked the second highest loss posted by any Indian corporate till date, after VIL's Rs 50,921 crore losses."... we wish to inform you that the 11th meeting of Committee of Creditors of Reliance Communications Limited is scheduled to be convened on Wednesday, November 20, 2019," RCom said in a BSE filing. Advertisement
During July-September 2019, RCom set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies.
The apex court, last month, upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.RCom's total liability includes Rs 23,327 crore licence fee and Rs 4,987 crore spectrum usage charges.
The company is going through insolvency proceedings following an application filed by Swedish telecom gear maker Ericsson. The National Company Law Tribunal has handed over control of the company to an insolvency resolution professional.Sources estimate that RCom Group's total secured debt is around Rs 33,000 crore. Lenders have submitted claim of around Rs 49,000 crore in August. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore. MBI MBI BAL BAL
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